Frequently Asked Questions When Applying for a Mortgage
Robins Financial Credit Union is dedicated to our mission to be Member Focused, Financial Partners, Community Proud. We empower our members with the financial knowledge and resources they need to make informed decisions and achieve their financial goals.
Applying for a mortgage can seem like a daunting process, especially if you're not sure where to begin. As your trusted financial partner, we’re here to simplify the journey. We know our members often have questions about the requirements, the steps involved, and how to set themselves up for success – and we’re here to help.
In this article, we will dive into the answers to some of the most frequently asked questions with Mortgage Loan Originator, Brittany Culver. Whether you’re a first-time homebuyer or just looking to refresh your knowledge, this guide will give you the clarity and confidence you need to start your homeownership journey. Let us help you clear up the confusion and get one step closer to making your dream home a reality.
Q: What documents do I need to apply for a mortgage?
Brittany: When you’re ready to apply for a mortgage loan with Robins Financial Credit Union, there are several documents you will need including:
- A government issued photo ID
- Most recent paystubs covering the last 30 days (Make sure it shows the year-to-date income information as well as employer name and address)
- Copies of W-2 and/or 1099 forms for the last two years
- Statements for checking, savings, and other deposit accounts from the previous two months (Make sure the statements show identifying information such as the account number, name, and address of your financial institution)
- Statements for investment accounts, retirement accounts, 401(k), stocks, bonds, etc. from the previous two months with identifying information
- If you are self-employed or receive additional income such as Social Security, disability, retirement, alimony, child support, rental income, etc. you will need to provide additional proof of income for the past two years
Read about How to Prepare for Homeownership
Q: How long does the mortgage application process take?
Brittany: Once you’ve provided all your documents and we’ve filled out the application together, if you’re face-to-face with a representative from Robins Financial Credit Union, we can generally provide you with the prequalification letter the same day. However, communication via phone and email can take up to 24 hours.
Q: What happens after I’m approved for a mortgage?
Brittany: You and your trusted realtor have gone shopping for the home of your dreams, and you’ve found it! Now, you and I will work closely to update your mortgage loan application before I introduce you to your Mortgage Loan Processor, who will work with you to start closing your loan. Once we get to the closing table, I’ll meet you there and we’ll sign your documents for your new home!
Read about What to Expect at Your Mortgage Closing
Q: What factors affect my mortgage interest rate?
Brittany: There are a few different factors that affect your mortgage rate. Whether it’s a purchase or refinance can be a factor. You will also need to factor in the type of rate that you would like to choose. We offer fixed-rate or adjustable-rate mortgages at 15- or 30-year options.
Applying for a mortgage doesn’t have to be overwhelming. With the right guidance and answers to your questions, you can approach the process with clarity and confidence. At Robins Financial Credit Union, we are committed to supporting you every step of the way.
- Visit our Knowledge Center to find more informational blogs about the home buying process, various mortgage loans, and what you can expect at your mortgage loan closing.
- Visit our website for a step-by-step guide through the Home Buying Process
- Tune into our YouTube channel to watch our Buying a Home series
If you need assistance or have additional questions about applying for a mortgage loan, make an appointment to speak to one of our Mortgage Specialists today!
Read our other blog articles to help you gain the financial knowledge you need to succeed.